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The worst downturn phase for the real estate market in India is probably over. The latest quarter for the current financial year between April and June reveals some interesting trends in new supplies. The numbers look impressive, and show that the developers are keen to launch new projects in the cities. The supply for new housing has already reached the highest point in the last seven years. There has also been an impressive movement in the demand momentum. Altogether, the market sentiment looks positive, and investors are looking forward to purchase new properties.
Experts have evaluated the top eight cities in India while calculating the quarterly index. It appears that on average, property sales have picked up an upward trend. During the second quarter of the current financial year, the index was above the 2017 base of 100. Considering the outset of the pandemic, this was the first time that the figures looked so impressive.
Real estate experts also reveal that the growth index in the real estate sector in India has been slow. However, the industry has gathered demand momentum, and the market is currently recovering. Besides, the quantity of sales is also catching up fast with those of the pre-pandemic days. However, it will take time for the figures to reach the levels as of February 2020. Statistics reveal that at the end of June this year, the sales figures across the country are lower than February 2020 by 8 to 9%.
Experts have also examined the trends based on individual cities, apart from the aggregate numbers. At the city level, the price trends seem to be similar with the index all around India. The price range in terms of quantity for all the cities has been close to 0% to 2% apart from Mumbai. Here, the mentioned quarter has registered a fall of 0.33%. at the city level, the quantity index shows some interesting numbers. For Mumbai, the numbers are above what they were before the pandemic. Between January and June 2022, there has been an increment of 22%. This shows that there has been a strong comeback in sales and this trend is likely to continue in the coming months.
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